Bill Clinton: Nation Needs Gradual Debt Reduction

Former President Bill Clinton says the nation needs to address the government's long-term debt gradually as the economy recovers. But he tells college students that making tough choices is hard in a money-fueled political system.

Speaking Saturday at Arizona State University, the former president told the Clinton Global Initiative University that political leaders who make tough decisions run the risk of a billionaire spending a fortune to run television ads against them.

Clinton notes that Republican congressman Dave Camp of Michigan has been criticized by fellow Republicans because his tax overhaul proposal includes new or higher taxes for investment managers and big banks.

Of Camp, Clinton says, quote, "Boy, did he get killed by his own crowd."

The former president says future debt reduction needs to maintain key budget priorities.

Former President Bill Clinton says the nation needs to address the government's long-term debt gradually as the economy recovers. But he tells college students that making tough choices is hard in a money-fueled political system. Speaking Saturday at Arizona State...